New Delhi: The Union Ministry of Surface Transport has announced a hike in third-party insurance premiums for vehicles. With this coming into effect from June 1, the cost of buying a vehicle will go up.
The premium rate for cars with 1000 cc will be Rs 2,094. Currently, it is 2072. For cars between 1000 cc and 1500, a third-party insurance premium of Rs 3416 has to be paid. Earlier it was 3221. If it is above 1500 cc, the rate increase is relatively small. The premium rate has been increased to Rs 7897. The current rate is 7890.
The rates for both wheelers have also gone up. For two-wheelers between 150 cc and 350 cc, the revised rate is Rs 1366. For vehicles above 350cc, the premium rate has been hiked to Rs 2,804. The notification states that the rate for two-wheelers between 75 and 150 is 714. Third party insurance is introduced to ensure the protection of a third party involved in a car accident.
